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EXCHANGE RATE
Euro skidded against the naira in the unofficial market on Monday after French President Emmanuel Macron called a snap election following a defeat in the European Union vote by the far-right.
Naira posted significant losses against the haven currency at the last reading session of the week as investors increased their buying pressure on the greenback.
The Central Bank of Nigeria (CBN) was criticized for running multiple exchange rate regimes, but the reasons are more obvious and straightforward than the discourse suggests.
The exchange rate for the Nigeria Customs duties collection has risen by 23.9% from N1,196.6 per USD to N1,482.9/$. This marks an increase of N286.3 in just 2days from May 30th 2024 when it dropped to the N1,196.6/$ rate.
The naira has experienced consecutive double-digit appreciation on the official market, and sources say that the Central Bank of Nigeria (CBN) has been selling more dollars on the official market in anticipation of a $1.3 billion non-deliverable forward (NDF) maturing today Wednesday, May 29, 2024.
The exchange rate for the Nigeria Customs Service (NCS) import duties collection has dropped by N153.1 from N1480/$ to N1,327.5 to the USD. This represents a decline of 10.34% since May 27th, 2024, when the exchange rate for the service stood at N1,480/$.
The naira surged N1,1173.88/$1 on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Tuesday, marking an increase of 14.09% from the previous day's rate.
How students can budget properly amidst rising prices of essentials.
Nigeria’s foreign exchange market has seen the turnover on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window surge by an astonishing 231.99% on May 24, 2024
Managing Director of Financial Derivatives Company (FDC), Mr. Bismarck Rewane has advised the Nigerian Labour Congress (NLC) against linking wage demands to the dollar exchange rate.
The Nigerian Naira displayed a marginal appreciation against the US dollar on the official market, despite a significant decline in foreign exchange (FX) turnover.
The exchange rate between the naira and dollar in the official NAFEM Window depreciated to N1,533.99/$1 on Thursday May 14, 2024.